International

US Expert Praises S. Korea's Anticorruption Law

An American anticorruption expert has praised South Korea's anticorruption law known as the Kim Young-ran Act.

Writing on The FCPA Blog, of which he is a senior editor, Andy Spalding said that traditionally known as an economic “Asian tiger,” South Korea may now be an anticorruption tiger.

He said its landmark Kim Young-ran Act and the aggressive enforcement actions of last year distinguish the country as a leader in the global anticorruption movement.

Spalding said the catalyst to change South Korea's corruption challenge came in 2014 when more than 300 people died in a ferry accident that investigators attributed to the corrupt enforcement of safety regulations.

He noted that the country's highly respected former Supreme Court Justice, Kim Young-ran, had already drafted an anticorruption bill, and public outcry from the accident created the necessary political will and the landmark law was passed in 2015.

Spalding, a professor at the University of Richmond School of Law, will visit South Korea this week to attend a global conference on fighting corruption.

The FCPA Blog specializes in matters related to the U.S. Foreign Corrupt Practices Act(FCPA).